Month: July 2017

This month, my wife started her job. To be able to work in a job that you love, and get paid for it, it’s one of the great blessings in this life. My wife had the opportunity to study and earn a degree in something that she’s passionate about. On the other hand, I have fumbled through life. I originally studied information systems in college, and switched to business administration, because at the time information systems was too challenging for me, and I wanted to graduate college in four years. After I got out of college, I went to work at the Disney Store, and worked many extra jobs just trying to make the ends meet. It wasn’t until I took a change order to a local bank that my life changed. Now I find myself working in the banking industry for over ten years. However, it wasn’t until my mentor, and friend that I consider a brother asked me to read Rich Dad Poor Dad, that I changed how I looked at my personal finances. It’s because of his friendship, that with the Lord’s help I grew to form my framework on how I view finances, and the importance of eternity and legacy.

She received her first paycheck this month, and it was such an exciting moment being able to use those funds to pay down debt. Every penny we apply toward the debt I know will lead us to having even more money in the long run. While we’re looking to reduce our debt and expenses, we’re continuing to increase our income. My wife’s associate in her business, has been doing a phenomenal job at growing his business. Because she is over him, she is receiving the overrides from his production. She can go about her day and receive a deposit without any effort. This example is true passive income. Passive income requires active work on the front end. I’ve made myself available to him 24-7 to continue to ensure his growth, and provide guidance as needed. The most important thing about this situation is that we were friends first before I brought him into this Legalshield business. If you’re not willing to form a relationship with those you work with, then don’t be surprised if you don’t have any results. My friend’s sales approach is outside of the system’s way of thinking however it’s working. I only want the best for him and want to see a day where he earns the six-figure ring. This next month begins 21 days of prayer, and in this time, I will seek the Lord with the hopes of hearing from Him. In your life, take a moment to stop, breathe, rest and reflect.

If you want to learn more about how I’m increasing my income, while reducing debt or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”

You don’t have to be Floyd “Money” Mayweather to find yourself in significant tax trouble thanks to self-employment income or a one-time windfall.

Boxer Floyd Mayweather’s upcoming bout against UFC mixed martial arts fighter Conor McGregor, who is making his boxing debut, stands to make Mayweather a minimum of $100 million, according to Boxing Scene writer Keith Idec. However, if he meets several of the clauses in his contract, that figure could swell to nearly $400 million.

According to the folks at Law 360, however, at least a portion of that will go toward paying for back taxes. Despite making $700 million during his career, Mayweather has asked for “a short-term installment agreement of under three months” to pay an amount that the Associated Press has pegged at $22,238,255. Reporter Oskar Garcia even posted the Internal Revenue Service lien against Mayweather on Twitter for context: (see article). Back in 2015, Mayweather had earned $250 million in his fight against Manny Pacquiao. Shomari Hearn points out that there are several factors that can make a tax lien that large: “Owing more than $22 million for the 2015 tax year means that the amount that’s on the tax lien includes a bunch of penalties and interest charges as well,” he says. “If you underpay your tax liability for self-employment income, you need to cover at least 100% of the expected tax liability for that year or 110% of the previous year’s liability to avoid penalties and interest.”

Hearn notes that self-employed workers or people who come into a windfall (lottery winnings, sale of a business, etc.) typically run afoul of tax issues similar to those Mayweather is facing. If they’re unaware that a percentage needs to be withheld for tax purposes, or are used to any employer or human relations department walking them through tax withholdings, they could find themselves staring down a tax assessment and lien of their own. It’s important to do tax projections to see how much you could potentially pay in taxes, and begin setting aside a portion of your income. If you know funds are going to be coming in then act. If you find yourself in Mayweather’s position then consider these three actions. “First, keep all correspondence you receive from the IRS about how much you owe. Second, hold on to a copy of the tax return from the year or years in question and see what you reported and/or what you’re underreporting. Finally, figure out how much is due and a way to pay that balance off that’s within your budget. Also, if possible, have a plan in place for the current year so your earnings aren’t in similar peril around the same time next year.” Whether you agree with our current tax system or not, it’s important to pay your taxes and avoid unnecessary penalties and the stress of the IRS. Consider consulting with a tax attorney for relief, and at the same time get with a qualified accountant or tax specialist to see if there’s any way to take advantage of the tax incentives that are built into the law. Personally, I examine at least 50 tax returns per year when I’m analyzing credit. The consistent theme I see is that the truly rich limit their tax liability, and yet still have plenty of income.

Ask any copywriter to name their biggest challenge today, and ten to one will tell you it’s writing for the ever-shrinking attention span. Whether we really do have shorter attention spans than goldfish, as the news tells us, or we’re just lazier, there’s no denying our tolerance for lengthy, complicated text has nosedived in recent years. For those in the business of writing cold emails every day, this is a constant source of frustration. It’s hard enough to get a potential buyer past the subject line of a message, so it’s downright disheartening to know that when you do, there’s no guarantee someone will read to the end. How many of us simply glance at a long email and quickly move on, or sometimes need a dictionary to understand a pitch? Have you ever received an email that felt more appropriate for a creative-writing class than a business relationship? These mistakes aren’t exclusive to sales, but they’ll sabotage a cold email in mere seconds. To keep your potential customers reading and your chances of closing a deal higher, follow these five easy copywriting strategies: Assume your reader is lazy, keep sentences short, use simple words, tear down walls of text, and write to a mobile audience. As the world transitions to a more visual form of communication, writing will still have value, but writers will need to be able to be more clear and effective with the words they use. In helping a friend design her blog, I even suggested that she simply type a sentence, and include a video link at the bottom. You should understand that because your audience is more mobile, the attention span will be shorter, and you must account for other business owners wanting to make their presence seen in the global marketplace. In your communication keep it short and effective but know your audience. Remember that your words have power, but your reputation does too. The stronger your relationship is with the audience, or your recipient, the more likely the person is to read your words.

Going forward, the weekly blog will be posted on Saturdays. I’m currently writing and reading new articles so thank you for your patience.

When you’re running a small business, there’s not much room for an employee who isn’t meeting expectations — one person’s poor performance can impact the entire company. But how does a manager know when it’s time to let an employee go? That’s the tough lesson that turnaround king Marcus Lemonis has to teach one business owner on this week’s episode of CNBC’s “The Profit.” Though Lemonis has helped dysfunctional teams overcome obstacles before, he faces a challenging environment at California-based Bodhi Coffee, a high-end coffee bean wholesaler. Their story illustrates a key management lesson for business owners: When an employee demonstrates consistent disregard for a company’s well-being, it’s time to take action. In this article, the author examines Bodhi Coffee. The company saw success in its first few years of operation, but its internal issues were revealed as the company grew, and those issues were a direct result of one employee. Because the employee didn’t have consideration for his co-workers, the company began to suffer, and the owner had to change how he ran his team. “Humility is a requirement for me to be in business with somebody,” Lemonis tells Sims, “but there’s a certain amount of confidence I would like you to have to be partners with you.” Sims began holding more staff meetings to increase communication with his team. He had a difficult conversation with the under-performing employee and after weighing the pros and cons of letting him go, Sims decided to terminate him. “You’ve got to be able to communicate,” Lemonis says. “If you can’t, it’s like, people don’t know what to do.” Communication is the most essential key in any relationship both business and personal. Personally, I have an open-door policy, and don’t believe in talking behind another person’s back nor ruling by fear. Work is a place you should want to be at, and if it’s not there are other jobs out there. At the same time, co-workers should respect each other, and treat each other with care. Some of us will spend 8+ hours with the person next to us, and having a good work environment is essential for productivity and efficiency.

Spoiler alert: most of today’s top companies are based on old ideas. Uber is a modern twist on the taxi industry; Airbnb has done the same with hotels. Tesla’s electric vehicles are just another incarnation of a centuries-old idea. And yet the founders of these companies are heralded as the most innovative entrepreneurs of our time. Entrepreneurship is rarely about inventing the next best thing — it’s about innovation, thinking differently about how things work, and asking questions others won’t. You don’t have to be revolutionary to be successful; you just need to revolutionize the way things are done. Invention vs Innovation: What’s the Difference? These words are often used interchangeably, but they’re very different. Inventors introduce a product or process for the very first time. Innovators identify opportunities to improve on existing inventions. Not all inventors are entrepreneurs (in fact, that’s a rarity). Likewise, entrepreneurs are hardly ever inventors — but they are innovative. They don’t have to come up with the big idea; they can take any idea and turn it into a successful business. For example, Tim Bernets-Lee invented the world wide web but didn’t turn it into a business, and Richard Branson hasn’t invented anything, but has improved on existing businesses. The mistake people make is that the word entrepreneur is an occupation when in fact it’s a mindset. Personally, I hate using that word, and I feel it’s been overused. Away is transforming the luggage industry by meeting real travelers’ needs. Netflix took over the video rental space by bringing the movie store to your living room. The most successful businesses don’t have to invent a completely new product — but they do need to reinvigorate old ideas with new-and-improved tricks. To stand out, your business must have a differentiator. Staying ahead is about making things easier for your customers than any other company on the market. By thinking unconventionally about conventional things, you can make even the most ordinary things exceptional. Look at the opportunity in the world around you and ask yourself: how can I make it better?

Christine Comaford sees this problem time and time again. From U.S. presidents to billionaire CEOs to budding entrepreneurs, the problem that continually arises for leaders throughout all stages of growth and development is answering a deceptively simple question: What do I want? Answering this one crucial question is the first step to reaching any desired outcome. But for so many, the answer is elusive. In fact, most people are pretty good at rattling off in full detail all the things they don’t want, but when it comes to describing what they do want, the specifics are remarkably fuzzy. Getting clear on the exact outcomes you’d like to achieve, and knowing what you have to give up (or postpone) in order to reach those goals, is the key to success because there are no achievements that come without corresponding trade-offs. “Many people actually don’t know what they want, or they don’t know the cost of it,” Comaford says in this interview. “And if you don’t know the cost of it, you can’t create it.” At the age of 17, Comaford entered a Buddhist monastery where she stayed as a monk for seven years. Afterwards she had careers with Microsoft, Adobe, and Apple, and became an angel investor for such start-ups as Google, and even wrote two New York Times bestselling books. It was this unconventional set of lives that would lead her to become a high performance executive coach. She now has “a 360-degree ability to understand business not just as a set of strategies but also as a complex web of human interactions.” She seeks to help a person with the simple question of what do you want?, and if you struggle to answer this question she takes you through the Outcome Frame which is a series of six questions: what would you like?, what will having that outcome do for you?, how will you know when you have it?, where when and with whom do you want it?, what of value might you risk or lose?, and what are the next steps?. These six questions will help guide and shape your drive and give you strength. I suggest that you write these six questions and place them where they can be seen, and even take the time to review them at least monthly. The more you remind yourself the more you can re-align yourself. Personally, I look at my life through the lens of eternity and legacy. I use Church of the Highlands‘s Steps to help me understand my relationship and relationships in general. The four steps are: Know God, Find Freedom, Discover Purpose, and Make a Difference. I believe once you understand your purpose and live in it, you’ll have a sincere desire to make a difference in this life and not just in this world.

Don’t you just love it when this happens? You go to another room in the house for some reason and there you are, but you can’t remember why. Or, you shake someone’s hand and forget their name before you even let go. Oh, and my favorite: running into the grocery store to pick up two or three items, only to head home without the most important ingredient–which was why you went to the store in the first place. That’s just annoying. The symptoms of poor short-term memory can be caused by preoccupation, distractions, lack of focus, and a weakened memory muscle. Sure, it gets worse as we age, but people who are overwhelmed struggle with forgetfulness at any age. Entrepreneurs certainly fit into this category. None of it is totally out of your control. Try these slightly off-beat ways to exercise your memory muscle and you could see an improvement in weeks. The nine unusual techniques are: chew gum while learning, move your eyes from side to side, clench your fists, use unusual fonts, doodle, laugh, practice good posture, eat a Mediterranean diet, and finally meditate. Laughter is a medicine that is good not just for your body but your soul as well. After watching a funny video for 20-minutes, cortisol levels were lowered for participants. Since this hormone is associated with stress, which is known to negatively impact the memory, a good dose of daily laughter will prove beneficial for your overall health. Finally, meditation is a simple practice that anyone can do. Even if you spend five minutes to slow your day and breathe deeply you cause your mind to focus in a new and different way. Regular meditation improves your ability to focus, and even pass tests. I can testify to this as it definitely affects my focus and short-term memory when I fall off my meditation track. This may be why: Studies at Harvard Medical School revealed that people who meditate have more control over alpha rhythm–a brain wave believed to filter out everyday distractions, allowing more important things to process. This is only one hypothesis. Meditation is known to significantly increase blood flow to the brain and multiply storage mechanisms, ensuring that your brain retains the ability to store new memories now, and as you age. Meditation over time becomes a practice as natural as breathing. There are also different types of meditation that you can explore. Just take a moment and be still.

Contrary to popular belief, “Everyone has the same opportunity to acquire wealth,” says self-made millionaire Steve Siebold. But is wealth in the cards for you? To help you evaluate that, we’ve rounded up nine red flags to watch out for. While no one can predict the future, the following choices most likely won’t accelerate your path to riches. The 9 signs you’ll never be rich are: you put too much emphasis on saving – and not enough on earning, you haven’t started investing, you’re content with a steady paycheck, you buy things you can’t afford, you’re pursuing someone else’s dreams – not your own, you rarely step outside of your comfort zone, you don’t have goals for your money, you spend first and save what’s left over, and you believe getting rich is out of your reach. It’s important to save money to invest, however at some point you must take action and begin to focus on earning. “The masses are so focused on clipping coupons and living frugally they miss major opportunities,” Siebold writes. It’s important to not focus on losing money, but to focus on making it work hard for you. Some experts say that “it’s not about how much money you make, it’s about how much you keep,” but this shouldn’t be an excuse to disregard earning completely. To keep money, you have to earn it in the first place. A common thread among millionaires is that they develop multiple streams of income and have smart savings habits. It’s important to start investing today. It’s true the earlier you invest, the more the power of compound interest can help you, but also keep in mind that taking action is one of the most important steps. Your average person is content with being paid for their time vs. a rich person will wait to be paid based on results. Another important factor is if you’re living above your means then the unnecessary luxury items could be hindering your ability to build wealth. “When you pursue someone else’s dreams or goals, you may eventually become unhappy with your chosen profession,” he writes in “Change Your Habits, Change Your Life.” “Your performance and compensation will reflect it. You will eke out a living, struggling financially. You simply won’t have the passion that is necessary for success to happen.” You must be willing to step out of your comfort zone, and by doing this step, you’ll in time grow into a new level of personal success. Everything worthwhile in life is uphill. Rich people want to attain wealth and set attainable measurable goals. Put it down on paper and go after it. If you want to get rich, pay yourself first. “What most people do when they earn a dollar is pay everyone else first,” self-made millionaire David Bach writes in “The Automatic Millionaire.” “They pay the landlord, the credit card company, the telephone company, the government, and on and on.” Rather than spending and then saving whatever is leftover, save first. Set aside at least 10% of your gross income and make the process automatic, Bach emphasizes. That way, you’ll never even see the money and you’ll learn to live without it. Finally, what you personally think is critical. Your thoughts are words, and your words are powerful because they do become flesh. You live in an abundant world and you’re blessed with unique gifts, and perspective. Use your life to create massive value for those around you. Blessed are the problem solvers, so go find some problems to solve.

NBA great Charles Barkley has some sound advice for rookies: Don’t give your money away to family and friends. “The first thing you do is learn how to save your money ’cause your family and friends are the worst people to spend your money. It has been that way for a long time. Barkley estimates that 60% or 70% of professional athletes go broke, “and 90% of the time it is because of family and friends.” “You have to learn to say the magic word: no,” Barkley recommends. “I do not owe you anything. If I want to do something for family, I’ll do it — but I do not have to keep them on payroll and support them their entire life. I lost a lot of family and friends because of that, and it was money well spent getting rid of them.” It’s not easy to say no, however there are moments when you want to take inventory of the situation and then weigh the consequences of saying yes. If you don’t stand for something, then you’ll fall for everything. Personally, I measure my yes and no against my value system which is the Bible. I also will consult with my wife and closest friends on issues that could involve a no. If it’s a financial decision then I talk with my wife even if I know the answer will be yes out of mutual respect and trust. Sometimes you can’t trust your own judgement so seek wise counsel.